Cloud-based mobile application solutions FeedHenry has just announced that it has managed to secure US$ 9 million in a funding round that was led by Intel Capital. The Irish-based startup has said that it will use the money to accelerate the international roll-out of the platform.
In a statement issued today, the company, which was established in 2010, indicated that it was also able to secure new funding from existing investor, Kernel Capital. The Irish state has also thrown some money into the pot through Enterprise Ireland, while VMWare, which has already ponied-up funding in an earlier round, has also added more.
The fact that FeedHenry has managed to pull together such a substantial sum so early in its career reflects not only the potential that investors see in FeedHenry itself, but also the massive growth potential of a market that Gartner says will explode in the next three years.
Growth in the market will be spurred by both the development and use of the cloud and cloud applications, as well as the ongoing move by enterprises to mobile devices as a way of doing business.
In short, FeedHenry provides a next generation mobile application platform that enables enterprises to integrate with their business and applications through the cloud.
Increasingly, enterprises are viewing mobile apps as transformative to their business operations…As organizations evolve towards more complex apps with connections to multiple backend systems, the need for a cloud- based mobile application platform is compelling. This new investment will give us the means to continue to innovate and expand the capabilities of our platform to better serve our growing customer base," Cathal McGloin, CEO of FeedHenry said.
Already, FeedHenry has said it is seeing considerable traction for its platform and says it has managed to secure customers in verticals like healthcare, travel and transportation, business services and utilities.
Mobile Enterprise Market
And it looks like that customer base is going to expand. According to Forrester, the market will be worth US$ 37 billion by 2015, and while Gartner hasn't put a figure on it, it said in recent days that by 2016 40% of mobile application development projects will have a cloud-based backend.
Cloud mobile back-end services provide a specialized form of platform as a service (PaaS) to support mobile application development. Those services include user management, data storage, push notifications and social network integrations among others.
Needless to say, competition is tough already. Other players include StackMob, Usergrid, Appcelerator, Sencha.io, Applicasa and Parse and as the market grows more will follow.
But FeedHenry is on solid ground. Last month, it was named winner of the Red Herring Top 100 Europe award, an award handed out to Europe’s top private companies and joins other IT companies on a list that includes Facebook, Twitter, Google, Yahoo, Skype, Salesforce.com, YouTube and eBay.